TRENTON – An Assembly panel today released legislation sponsored by Assembly Democrats Benjie Wimberly, Vincent Prieto and Craig Coughlin intended to promote construction of more rental housing for veterans.
The bill (A-2092) would establish a tax credit for New Jersey housing developers who construct homes for New Jersey veterans. The legislation would provide a credit against an entity’s business taxes.
The sponsors noted it’s estimated more than 630,000 veterans live in New Jersey, and more than 500,000 of these personnel are civilian veterans.
“Repeated and extended deployments in the conflicts in Iraq and Afghanistan have made it especially difficult for military personnel to find housing suited to their unique situations,” said Wimberly (D-Passaic/Bergen). “Veterans have served our country in times of war and peace, sharing a common belief in a cause higher than self. It’s time we did something to help them with this basic need.”
“Veterans are valuable members of communities across New Jersey, and their experience serving their country has endowed them with unique and valuable experience,” said Prieto (D-Hudson/Bergen), the Assembly budget chairman and incoming Speaker. “The state and the nation owe much to those who have chosen to serve in the Armed Forces. Let’s be there for them when they need a helping hand.”
“It is essential to encourage the development of stable, decent housing for New Jersey’s veterans,” said Coughlin (D-Middlesex). “They served bravely to protect us, and we must in turn do the right thing for them. This is the right thing to do.”
The bill permits a developer to receive a non-refundable credit against New Jersey business taxes.
The credit amount is calculated based on the developer’s expenditures to create rental housing restricted to occupancy by veterans.
The bill provides that expenditures for a wide array of construction and real estate development activities are “allowable costs” that qualify for a credit. The credit amount may be up to 10 percent of the developer’s allowable costs for developing veterans’ housing.
To receive a credit, the developer must submit both a project plan and an application to the Department of Community Affairs.
The Department of Community Affairs will issue a certificate of eligibility, which the developer will file with the developer’s tax return to obtain the credit.
The Commissioner of the Department of Community Affairs will develop regulations to administer the credit program in conjunction with the Division of Taxation and the Department of Military and Veteran’s Affairs.
The bill was released by the Assembly Military and Veterans’ Affairs Committee.
Connect with NJTODAY.NET
Join NJTODAY.NET's free Email List to receive occasional updates delivered right to your email address!